It’s Still A Buyer’s Market

New National Association of Realtors numbers on the health of housing, were released this morning. Over all, the number of Existing Homes that sold in April rose, probably because of the $8000 home buyer tax credit that expired at the end of the month… the fact that mortgage rates are also exceptionally low probably helped too! 8o)

According to the National Association of Realtors®, not only did the number of homes sold in April move higher, so did the supply of existing homes for sale… anybody else thinkin’ maybe the foreclosures are starting to hit the market?

As compared to March, April’s Existing Home Sales rose by 410,000 units nationwide — the second straight month of large gains. An “existing home” is a home resold by a prior owner (i.e. not new construction).

Although it’s a solid report for housing overall (rising sales suggests that the real estate market’s recovery is ongoing), however, we are still in a Buyer’s Market as the number of homes on the market continues to climb… This puts downward pressure on home prices in some markets – around here that “market” would be Foreclosed Homes that generally don’t fetch the best prices.

Furthermore, because 49% of April’s buyers were first time home buyers (and the tax credit has now ended), we can expect that sellers will continue to outweigh buyers in the months ahead… meaning again that in certain sectors of the markets (like foreclosed homes) sellers/banks may have to lower their prices.

It presents a great opportunity for June’s home buyers. Mortgage rates are still at their lowest levels of the year — despite expert predictions to the contrary — and homes remain affordable.

Fortunately for the folks in the Triangle – we have J-O-B-S. This means that in OUR market, rates are at ALL TIME lows, and the housing market is stable. Bank Foreclosures are still available for a deal (if you’re into all of that DIY stuff) and “regular” housing is as affordable as I’ve seen it!

There’s good values and good rates but neither should last long. For the next few weeks, real estate may be in its 2010 sweet spot. If you were thinking of moving in September of this year or later, you might want to consider moving up your time frame!

About Eleanor Thorne

I see myself differently than most loan officers in the Cary/Raleigh market. As a rare Cary native, I see myself as an expert on the area, on mortgage industry changes & factors that effect rates! I’ve lived in Cary since 1968 – and I’m second generation “mortgage.” I work with my husband, Steve Thorne Mortgage Loan Originator #60596 Equal Housing Lender